The S&P/TSX Composite Index shot up 160 points on Thursday, March 16. Canadian stocks managed to fight back with a positive day after a rough first three days on the main index. Some of the best-performing sectors on Thursday included health care, industrials, and information technology.
Today, I want to zero in on three stocks that have the potential to turn $5,000 into $50,000 by 2030. There is a plethora of discounts on the TSX in this turbulent environment, so readers should be on the hunt right now. Let’s dive in!
Why I’m excited about StorageVault stock this decade
StorageVault (TSX:SVI) is a Toronto-based company that owns, manages, and rents self-storage and portable storage space in Canada. Shares of this stock have dropped 10% year over year as of close on March 16. However, the stock has increased marginally so far in 2023. Readers can see more detail about its recent performance with the interactive price chart below.
Foolish readers should not overlook the surprising potential of this market. Indeed, market researcher Intellectual Market Insights Research (IMIR) recently estimated that the global self-storage market was worth US$81.2 billion in 2021. The report projects that the market will reach US$145 billion by 2028. That would represent a strong compound annual growth rate (CAGR) of 8.2% over the forecast period.
This company released its fourth-quarter (Q4) and full-year fiscal 2022 earnings on February 22, 2023. StorageVault delivered total revenues of $261 million for the full year — up from $208 million in the previous year. Meanwhile, cash flow from operations rose to $76.4 million compared to $59.0 million in fiscal 2021.
Bet on the explosion of telehealth with this promising stock
WELL Health (TSX:WELL) is another promising stock that offer exposure to a very exciting space. This stock has dropped 5.1% year over year at the time of this writing. However, its shares have soared 55% so far in 2023.
Investors can expect to see the company’s final batch of fiscal 2022 results on March 21. This Vancouver-based company operates as a practitioner focused digital health company in North America and around the world. Grand View Research estimated that the global telehealth market was worth $83.5 billion in 2022. The report projects that the market will deliver a CAGR of 24% from 2023 through to 2030.
In Q3 2022, the company achieved record quarterly revenues of $145 million — up 47% compared to the previous year. EBITDA stands for earnings before interest, taxes, depreciation, and amortization — a measure that aims to give a clearer picture of a company’s profitability. Adjusted EBITDA increased 23% year over year to $27.5 million. WELL Health is trading in favourable value territory compared to its industry peers.
One last stock that could deliver huge growth by the end of the 2020s
Nuvei (TSX:NVEI) is the third and final stock that has the potential to deliver big growth over this decade. This Montreal-based company provides payment technology solutions to merchants and partners in North America, Europe, and around the world. Its shares have shot up 65% in the year-to-date period.
The payment processing solutions market is also geared up for strong growth over the course of the 2020s and beyond. That should spur investor interest in Nuvei in 2022. In fiscal 2022, this company delivered total volume growth of 34% to $127 billion. Meanwhile, revenue increased 16% to $843 million. Moreover, adjusted EBITDA and adjusted net income rose 11% and 10%, respectively, to $351 million and $274 million for the full year.
Shares of this tech stock are also trading in more attractive value territory compared to its industry competitors. Nuvei hit a rough patch in 2022, but it has started hot in 2023. This stock still holds huge potential for this decade.
